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Proconnect Depreciation Calculation

FloresCPATax
Level 1

Does anybody know how Proconnect calculates Depreciation Basis?
I have a Home Office calculation: Cost: $275,000

Business Use: 20%

Salvage/Basis Reduction (assume land): 41,250 (15%)

Prior Dep: $794, s/l, 39 year life Rate .02658 

And then Depreciation Basis: $13,750 and Curr Depr $344.  

Where does the $13,750 come from? 

Why isn't the Dep Basis: $46,750? ($275,000 - 15% x 20%)  and Current Yr Dep: $1,199?

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2 Comments 2
TaxGuyBill
Level 15

I think you are entering it incorrectly.

It is taking $275,000 x 20%.  Then subtracting $41,250.

But I don't use ProConnect so I'm unsure what the correct way to enter it would be.

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George4Tacks
Level 15

My guess is input is wrong. The process is confusing in this software and easy to screw up.

https://accountants.intuit.com/support/en-us/help-article/taxation/enter-business-use-home-expenses-...

 


Here's wishing you many Happy Returns
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